Lawrence Yun, NAR and me, part 2
As a buyer’s agent, I am internally-conflicted about this creature we call “the market.” When I am faced with prospective buyers, my job is to get them a low price. The second they close, their interest is to have the price of their property rise. Those rising prices are damning to the next buyer I face.
NAR, in the words of Lawrence Yun, has no such ambiguity. NAR is solidly in the camp of real estate as the way to preservation of middle-class American wealth. (slide 2) He sees real estate as where the middle class parks their wealth and the stock market where the truly wealthy park theirs. He said something like, “the hit you took on your 401Ks is a tiny part of the hit that the stock market took last year.”
Then, in his consistently hopeful tone, Dr. Yun showed the roomful of agents how financial wealth is beginning to rise again, and the real estate is following. (slide 14 and 15.) Dr. Yun explained that there is still pent-up demand for real estate, even though the stimulus tax credit has been stimulating. (slides 10,11,12)
Not so much in the slides, but in the discussion, it was clear to me that Dr. Yun sees the $8000 tax credit as a price increase for sellers, not a price deduction for buyers. (slide 12)
Yeah, that’s what I think, too. But, Dr. Yun is happy about it. NAR stands with owners. Rah, Rah… makes me want to ask for a dues refund.
As the month of February comes to a close, I plead with buyers to keep their heads about the tax credit. It is not there to help you. Here in Massachusetts, it is hurting you.
